Letters to the Editor

This refers to your cover story on Tata Group (Trophy Buy, Distress Sale, May 8). The in-depth study of the Group's performance in the European market is worth publishing. It's quite interesting to read. And also, it's quite unimaginable that a steel plant was sold for peanuts - 1! In India, it is below the price of a half broiler chicken. No doubt the distress sale has dented the image of the group and Ratan Tata's dream of "good times in steel industry" has been belied. But who is behind this disaster? Who is the needle of suspicion pointing at? It is high time the patriarch of the Tata empire traced the troublemaker and found a troubleshooter before his empire vanishes into the blue. - B.S. Acharya, Berhampur

Aadhaar's Adhuri Kahani

This refers to your feature on Aadhaar project (Aadhaar's Identity Crisis, May 8). The political and ideological differences of the NDA and the previous UPA regime have played a spoilsport and weakened the edifice of Aadhaar. The scheme is being poorly implemented and innocent people will pay the price for no fault of theirs. Aadhaar architecture should not be built like a voter ID base - politics should not come in the way of effectively implementing the policy. The objective of having Aadhaar should be clear - it is meant to provide a bona fide identity to over a billion Indians. Needlessly linking it to financial platforms is diluting its primary significance. Aadhaar has become a punching bag of politicians - they strike at any time suiting their political expediency and electoral convenience. The protection of democratic values and the need for constructive debates in Parliament were given a go-by as Aadhaar Bill 2016 was passed as a Money Bill. A meaningful discussion among policymakers would have helped in laying a strong foundation for Aadhaaar. As things stand, Aadhaar is complicating the lives of the common people at the bottom of the pyramid. Unless the government comes out of its rigid approach of symptomatic treatment of the Aadhaar woes, the remedy will be worse than the malady. The foundation of Aadhaar is shaky for direct transfers as fingerprints are bound to change and so are facial images - they have to be recaptured periodically. Against these odds, reliance on Aadhaar for financial inclusion is wishful thinking and building castles in the air. The government must act speedily and build an Aadhaar structure that meets the needs of most Indians. Aadhaar is not a panacea for all socio-economic illnesses. This should be made clear to one and all. Already, a billion Indians have opted for a unique identity through Aadhaar. Their faith in the project has to be retained by delivering on its core objectives. - B. Rajasekaran, Bangalore

Rising Bad Loans a Matter of Concern

This refers to your article on non-performing loans (No Private Matter, May 8). It is a matter of common knowledge that when there is an economic slowdown, non-performing loans are on the rise. But the abnormal increase in the quantum of bad loans in recent times, owing to various factors, is certainly a matter of concern. Banks cannot be entirely blamed for it. While both the market regulator and government are clearly seized of the matter now, it is important to find remedies quickly so that the situation doesn't turn explosive. Banks should be allowed to focus on productive lending coupled with reasonable degree of functional autonomy for sustained growth of the economy. There is also a need to grant greater functional autonomy to the public sector banks (PSUs) and the government should refrain from undue interference in their affairs. It's a good thing that the government led by Prime Minister Narendra Modi has maintained an arm's length distance from the PSUs. It is is a welcome sign and shows that the government means business. - Srinivasan Umashankar, Nagpur